Business
Westleaf Inc. Announces Closing of Convertible Debenture Unit Financing and Provides Corporate Update
Westleaf Inc. Announces Closing of Convertible Debenture Unit Financing and Provides Corpo...
About this update from Decibel Cannabis Company Inc
[{"type":"text","content":"\n\n\n\nWestleaf Inc. Announces Closing of Convertible Debenture Unit Financing and Provides Corporate Update\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, May 10, 2019\n\n\n\n/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n CALGARY, May 10, 2019 /CNW/ - Westleaf Inc. (the \"Company\" or \"Westleaf\") (TSX-V:WL)(OTCQB:WSLFF) is pleased to announce that it has closed its previously announced bought deal financing (the \"Offering\") of 12,000 convertible debenture units of the Company (the \"Units\"), by way of short form prospectus, at a price of $1,000 per Unit for aggregate gross proceeds of $12,000,000. Each Unit consisted of one 9.5% senior unsecured convertible debenture (each a \"Convertible Debenture\") of the Company having a principal amount of $1,000 (the \"Principal Amount\") and 385 common share purchase warrants of the Company (the \"Warrants\"). \n\n \n \n\n \n\"Westleaf is pleased to close it's previously announced $12 million financing, which bolsters the Company's available capital to $57 million, allowing it to continue to advance its vertically integrated cannabis strategy with assets across the entire value chain (cultivation, extraction/product development, and retail distribution)\" said Scott Hurd, President and CEO of Westleaf Inc. \nUpdate to Operations: \nStrengthened Financial Position: With the close of the convertible debenture financing, Westleaf now has access to $57 million of capital (cash position as of April 30, 2019 adjusted for net proceeds of the convertible debenture financing) comprised of ~$27 million of cash and the ability to draw up to $30 million of undrawn, low cost, non-dilutive capital under its non-revolving credit facilities with ATB Financial, subject to ATB Financial's discretion in certain cases and subject to the satisfaction of certain conditions precedent. The Plant Extraction & Manufacturing Lab: Construction remains on schedule and on budget for The P...